The smallish Wall Street firm had Merck at "Market Perform" most recently. Here is the gist of the analysis, via StreetInsider.com:
. . . .A MEDACorp cholesterol survey (published today) suggests another leg down for Zetia/Vytorin in the U.S. from ARBITER 6, and headlines associated with a potential editorial from Steve Nissen may spark weakness in MRK shares, but we believe the current valuation already implies the loss of >50% of the cholesterol franchise, 100% of U.S. Temodar sales, and up to 30% of Remicade/ Simponi profits. Our industry contacts believe chances of a favorable settlement with JNJ are good and that Merial/Intervet FTC overlap may be overestimated and cost synergies underestimated. . . .
I guess we'll see -- but I am not certain that a bad ARBITER 6 outcome is fully-priced in, at $33 or so.
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